MS INFI: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MS INFI
Largest movements
- Cash +€65,634
up €65,634 (+77.5%), from €84,741 to €150,375
mainly Other debts (+€104,202) and Net result for the year (+€64,504)
- Intangible fixed assets -€25,722
down €25,722 (-26.7%), from €96,407 to €70,685
- Receivables within one year -€4,881
down €4,881 (-58.2%), from €8,385 to €3,504
of which Other amounts receivable: -€6,655
- Deferred charges and accrued income -€4,064
down €4,064 (-18.3%), from €22,183 to €18,119
- Other debts +€104,202
up €104,202 (+622.9%), from €16,729 to €120,931
- Reserves -€79,675
down €79,675 (-100.0%), from €79,675 to €0
- Tax, wage and social debts +€31,932
up €31,932 (+685.9%), from €4,656 to €36,587
of which Taxes: +€33,607
- Debts after one year -€26,286
down €26,286 (-34.7%), from €75,826 to €49,541
- Gross operating margin +€30,571
up €30,571 (+36.4%), from €83,954 to €114,525
- Taxes +€7,705
up €7,705 (+71.7%), from €10,745 to €18,450
- Financial charges -€1,241
down €1,241 (-23.8%), from €5,217 to €3,976
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €212,837 | €243,345 | +€30,508 | +14.3% |
| Fixed assets | 21/28 | €97,528 | €71,346 | -€26,182 | -26.8% |
| Intangible fixed assets | 21 | €96,407 | €70,685 | -€25,722 | -26.7% |
| Tangible fixed assets | 22/27 | €1,121 | €661 | -€460 | -41.0% |
| Furniture and vehicles | 24 | €1,121 | €661 | -€460 | -41.0% |
| Current assets | 29/58 | €115,309 | €171,998 | +€56,690 | +49.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €8,385 | €3,504 | -€4,881 | -58.2% |
| Trade receivables | 40 | €0 | €1,774 | +€1,774 | |
| Other amounts receivable | 41 | €8,385 | €1,730 | -€6,655 | -79.4% |
| Cash at bank and in hand | 54/58 | €84,741 | €150,375 | +€65,634 | +77.5% |
| Deferred charges and accrued income | 490/1 | €22,183 | €18,119 | -€4,064 | -18.3% |
| Total equity and liabilities | 10/49 | €212,837 | €243,345 | +€30,508 | +14.3% |
| Equity | 10/15 | €89,675 | €10,000 | -€79,675 | -88.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €79,675 | €0 | -€79,675 | -100.0% |
| Distributable reserves | 133 | €79,675 | €0 | -€79,675 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €123,162 | €233,345 | +€110,183 | +89.5% |
| Amounts payable after more than one year | 17 | €75,826 | €49,541 | -€26,286 | -34.7% |
| Financial debts | 170/4 | €75,826 | €49,541 | -€26,286 | -34.7% |
| Amounts payable within one year | 42/48 | €47,335 | €183,804 | +€136,469 | +288.3% |
| Current portion of amounts payable after more than one year | 42 | €25,778 | €26,286 | +€507 | +2.0% |
| Trade debts | 44 | €172 | €0 | -€172 | -100.0% |
| Suppliers | 440/4 | €172 | €0 | -€172 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,656 | €36,587 | +€31,932 | +685.9% |
| Taxes | 450/3 | €2,981 | €36,587 | +€33,607 | +1127.5% |
| Remuneration and social security | 454/9 | €1,675 | €0 | -€1,675 | -100.0% |
| Other amounts payable | 47/48 | €16,729 | €120,931 | +€104,202 | +622.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,338 | €26,182 | -€156 | -0.6% |
| Other operating charges | 640/8 | €1,381 | €1,417 | +€35 | +2.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €83,954 | €114,525 | +€30,571 | +36.4% |
| Operating profit (loss) | 9901 | €56,234 | €86,926 | +€30,692 | +54.6% |
| Financial income | 75/76B | €0 | €4 | +€4 | +2992.3% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +2992.3% |
| Financial charges | 65/66B | €5,217 | €3,976 | -€1,241 | -23.8% |
| Recurring financial charges | 65 | €5,217 | €3,976 | -€1,241 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €51,017 | €82,954 | +€31,936 | +62.6% |
| Income taxes | 67/77 | €10,745 | €18,450 | +€7,705 | +71.7% |
| Profit (loss) for the period | 9904 | €40,272 | €64,504 | +€24,231 | +60.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,272 | €64,504 | +€24,231 | +60.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.